NZ shareholders bring Tower break-up closer
Jim Minto
The geographic break-up of trans-Tasman financial services group, Tower Limited, came a step closer today when New Zealand shareholders voted unanimously in favour of the proposal.
The decision will now go before the New Zealand High Court for final approval which, if granted, will result in Tower Australia Group Limited being listed on the Australian Stock Exchange later this month.
Tower Group managing director Jim Minto said that the separate companies would be able to deliver long-term shareholder value through a simplified structure and greater local focus.
“This proposal was advanced as a move to benefit our shareholders,” he said. “It will allow shareholders in the existing Tower Limited to choose whether to hold shares in either both companies or one, to suit their individual needs.”
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